Citibank’s ‘My Accounts’ aggregation service finally seems to be doing well following a trail of unfavorable publicity. Citibank seems pleased, claiming that 65% of its users are new to the bank. However, My Accounts’ true success lies in the number of customers it can convert to actually banking with Citibank.
Citibank has reported that 20,000 users have signed up for its UK account aggregation service.
Citibank, the first bank in the UK to launch an account aggregation service, has announced that 20,000 users have signed up.
Account aggregation services enable a user to view many of their online accounts on one web page and with one set of security details. It’s big in the US where more than two million consumers use services. It’s also fairly big in Australia but in the UK, services, and consumer uptake, are yet to take-off.
Citibank launched the first UK account aggregation service in September 2001.
My Accounts has since been the subject of a dog fight between Citibank and some of the UK’s leading high street banks who insisted that they be removed from the service. Citibank has since changed the way the service operates and in June 2002, added 32 new banking sites. It claims that as a result, customers doubled and that UK users are more active than their US counterparts.
Gaining 20,000 customers in just over a year is not bad considering that it’s a new service that has received unfavorable publicity and Citibank’s low levels of awareness in the UK relative to other high street banks. Citibank also claims that 65% of all My Accounts users are new to the bank, underlining the potential of customer acquisition of such a service.
Yet, Citibank will unquestionably have wanted more customers when it launched My Accounts. Account aggregation was something which promised to revolutionize the way we bank online.
The real success of My Accounts however, needs to be judged on the number active users and how many of the 65% new users actually go on to bank with Citibank. The ability to use account aggregation to attract new customers has always been part of the value proposition but is yet to be proven.
Related research: Datamonitor, Account aggregation: The right way forward? (DMFS1433)
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